Two Questions:
1) Just to be sure about my understanding, the Paid Claim portion excludes claims that were reported/incurred during the experience period, but not paid.
It does include the portion of claims that were reported before the experience period but paid in the experience period.
And the Change in RSVs portion helps us adjust the Paid Claim portion for these inclusions and exclusions. Right?
1) Second one is a bit harder to ask, how/why does "what the change in RSV should have been" account for the claims that haven't been accounted for in the Paid Claims portion? I mean, I don't get why the change in RSV should be able to tell us that.
1) Just to be sure about my understanding, the Paid Claim portion excludes claims that were reported/incurred during the experience period, but not paid.
It does include the portion of claims that were reported before the experience period but paid in the experience period.
And the Change in RSVs portion helps us adjust the Paid Claim portion for these inclusions and exclusions. Right?
1) Second one is a bit harder to ask, how/why does "what the change in RSV should have been" account for the claims that haven't been accounted for in the Paid Claims portion? I mean, I don't get why the change in RSV should be able to tell us that.
Why is Incurred Claims = PC + Chg in RSVs
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